Saudi Arabian Military Industries (SAMI) has signed an agreement to set up a joint venture with US firm Lockheed Martin to enhance the kingdom's defense and manufacturing capabilities, the state-owned Saudi company said on Sunday. SAMI, which is owned by the Saudi state's Public Investment Fund (PIF), will own 51 percent of the venture.
'The new agreement will develop localized capabilities by transferring technology and knowledge, and by training a Saudi workforce in manufacturing products for, and providing services to, the Saudi armed forces,' the statement said.
The announcement follows the US decision last month to declare a temporary freeze on some arms sales to Saudi Arabia and the United Arab Emirates (UAE)....MORE
